Americans are increasingly struggling with credit card debt and other loans, and consumers are paying more for basic banking services like A.T.M.
And 42 percent of households carrying balances on credit cards reported that their overall debt level was “unmanageable,” up from 38 percent in 2022, the network found.
More borrowers have been falling behind on credit card payments, especially those who have maxed out spending on their cards, according to the Federal Reserve Bank of New York.
Making payments on credit cards as well as car loans, student loans and other installment loans has been increasingly challenging for consumers, the financial network found.
(The analysis, which the network publishes annually, is based on public data and a nationally representative survey of consumers.)
Persons:
”, Hannah Gdalman
Organizations:
Financial Health Network, Federal Reserve Bank of New
Locations:
Federal Reserve Bank of New York
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